The mortgage market has proven to be exceedingly stressful as of late, but this last week has surpassed the norm.
With products being withdrawn with little to no notice and lenders pausing new applications, events have had me flashing back to those early days of March 2020.
Having been in the industry since 2005, I have seen my fair share of stressful events, and I wanted to share how I manage day-to-day in this market as a mortgage adviser in the hope that it may help others.
- Set realistic expectations with clients. It’s not just about the lender’s timescales – it’s also about your own workload and when you actually have the time to look at cases and get back to people. Be realistic and make sure not to overcommit yourself, as it won’t end well if you don’t.
- Make it 100% clear to clients that rates are only secured once the full application is submitted. We have a minimum amount of documents and information we need before this can happen, which the clients must provide. Stress to the clients that this is for their benefit. It ensures that you have all of the facts you need, giving their application the best chance of success from the moment you press submit.
- Don’t forget that lenders can still withdraw mortgages post-offer for funding reasons. While it’s unlikely, I have seen it happen before, so don’t ever promise anyone that it isn’t a possibility.
- Make a to-do list every single day, then prioritise your tasks. I number my tasks from one upwards, with one requiring completion first. Check your emails before you write the list for anything new or urgent. Be prepared to adjust this as the day progresses and more emails and calls come in, or in the more likely case, that lenders change products with little to no notice, and you have to push an application to the front of your queue!
- Ensure you take breaks, step away from your screen, eat regularly, get some fresh air and stay hydrated. This will help you concentrate, reduce the risk of you making mistakes and make your day easier to manage.
- Remember, ‘this too shall pass’.
- Also, remember we are lucky that we can help people with this part of their life. It is an extremely rewarding job, and in a difficult market, take comfort in how much we can help people when they really need it.
- Take the wins when they come. Celebrate them. Talk about them. Share them. It’s what will keep us going during these stressful times.
- No adviser is in this alone. We are all here alongside each other, with our lender, solicitor, estate agent and sourcing system partners – it’s tough for us all. We need to remember this, and rather than blaming each other, work together.
- Be kind. We all need kindness right now – to each other, to our clients, to our wider community and to ourselves. We are all only human and can only do so much.
I hope that this helps on those busy days, of which I am sure there will be many more to come.
While I sometimes forget my own advice, in the long run being organised, setting expectations, taking a deep breath and a quick break will help us to cope with whatever the markets throw at us next.
Kate Fuller is business principal at Mortgage Advice Bureau